Main » Bitcoin & Ripple Technical Analysis - Charts Point to Further Losses

Bitcoin & Ripple Technical Analysis - Charts Point to Further Losses

10 August 2018

Meanwhile, the near-term support is seen at $6.7500 and resistance at $7.2100. With the help of coin.ph, this water bill can be easily and conveniently paid for with cryptocurrencies and very soon the native cryptocurrency of Ripple, XRP can also be used for the same objective.

Bitcoin price fell sharply and it is now trading above the key support at $6,000.

The 24-hour trading volume now stands at $320 million, higher than the $256 million recorded yesterday.

Despite the recent collapse, Vikky Token and Bankcoin registered more than 300% gains.

Crypto evangelist and one of Wall Street's biggest bitcoin optimists, Tom Lee, has now said that Bitcoin is gradually regaining market share. BTC/USD nosedived and broke a few important supports like $7,020, $6,815 and $6,550.

Looking at the chart, BCH price is slowly recovering, but it won't be easy for buyers to push the price above $610 in the near term. It opened the doors for more losses and the price nearly tested the $6,100 support area. Below here the November 6 low at $5,622 comes into play. In fact, in the last couple of weeks, it has soared to the highest level all year and it has hit about 48%.

However, buyers faced a strong resistance area near $6,620 and the 21 SMA. This comes after Bitcoin touched an all-time high of around $20,000 in December previous year, only to fall into a slump as 2018 progressed, dropping to below $6,000 in June. This indicates that the overall demand for Bitcoin is down and it will no doubt affect the price further. The next two significant drops in value occurred after the SEC revealed delaying the ETF decision leading to today's BTC/USD low of $6,391 per coin.

Ethereum price once again performed very badly this past week as it failed to hold an important support near the $400-405 zone against the US Dollar. We're still gathering data and deciding on our level of support for XRP, ' said Mr. Goltra in a statement.

Should the price break the $6,400 support and there is a 2-hour close below $6,380, there could be a sharp drop towards the next support at $6,000. Later, the price started an upside correction and traded above the $580 level.